NSTLX vs. VMSIX

Last updated Jun 23, 2026

NSTLX (Neuberger Berman Strategic Income Fund) and VMSIX (Vanguard Multi-Sector Income Bond Inv) are both Multisector Bonds funds. Over the past 3 years, NSTLX returned 7.22%/yr vs 7.73%/yr for VMSIX. Their correlation of 0.87 suggests significant overlap in exposure. NSTLX charges 0.59%/yr vs 0.45%/yr for VMSIX.

Performance

NSTLX vs. VMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Strategic Income Fund (NSTLX) and Vanguard Multi-Sector Income Bond Inv (VMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSTLX achieves a 0.56% return, which is significantly lower than VMSIX's 1.25% return.

NSTLX

• 1D: 0.10%
• 1M: 0.86%
• YTD: 0.56%
• 6M: 1.22%
• 1Y: 6.08%
• 3Y*: 7.22%
• 5Y*: 2.75%
• 10Y*: 4.05%

VMSIX

• 1D: 0.11%
• 1M: 0.68%
• YTD: 1.25%
• 6M: 1.58%
• 1Y: 6.49%
• 3Y*: 7.73%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NSTLX vs. VMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NSTLX Neuberger Berman Strategic Income Fund	0.56%	9.44%	6.02%	10.07%	-10.29%
VMSIX Vanguard Multi-Sector Income Bond Inv	1.25%	9.09%	6.68%	10.43%	-8.50%

Correlation

The correlation between NSTLX and VMSIX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	0.87

The correlation between NSTLX and VMSIX has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

Return for Risk

NSTLX vs. VMSIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NSTLX

NSTLX Risk / Return Rank: 38
NSTLX Sharpe Ratio Rank: 40
NSTLX Sortino Ratio Rank: 45
NSTLX Omega Ratio Rank: 43
NSTLX Calmar Ratio Rank: 29
NSTLX Martin Ratio Rank: 31

VMSIX

VMSIX Risk / Return Rank: 81
VMSIX Sharpe Ratio Rank: 86
VMSIX Sortino Ratio Rank: 88
VMSIX Omega Ratio Rank: 87
VMSIX Calmar Ratio Rank: 65
VMSIX Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NSTLX vs. VMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Strategic Income Fund (NSTLX) and Vanguard Multi-Sector Income Bond Inv (VMSIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NSTLX	VMSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.61	-0.90
Sortino ratio: Return per unit of downside risk	2.61	3.91	-1.30
Omega ratio: Gain probability vs. loss probability	1.33	1.56	-0.23
Calmar ratio: Return relative to maximum drawdown	1.89	2.96	-1.07
Martin ratio: Return relative to average drawdown	6.65	13.55	-6.90

NSTLX vs. VMSIX - Sharpe Ratio Comparison

The current NSTLX Sharpe Ratio is 1.70, which is lower than the VMSIX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of NSTLX and VMSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NSTLX vs. VMSIX - Drawdown Comparison

The maximum NSTLX drawdown since its inception was -19.00%, which is greater than VMSIX's maximum drawdown of -13.11%. Use the drawdown chart below to compare losses from any high point for NSTLX and VMSIX.

Drawdown Indicators

	NSTLX	VMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.00%	-13.11%	-5.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-2.20%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-3.82%	-1.03%
Max Drawdown (5Y) Largest decline over 5 years	-16.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.00%	—	—
Current Drawdown Current decline from peak	-1.06%	-0.11%	-0.95%
Average Drawdown Average peak-to-trough decline	-2.70%	-3.05%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.48%	+0.45%

Volatility

NSTLX vs. VMSIX - Volatility Comparison

Neuberger Berman Strategic Income Fund (NSTLX) has a higher volatility of 1.26% compared to Vanguard Multi-Sector Income Bond Inv (VMSIX) at 0.78%. This indicates that NSTLX's price experiences larger fluctuations and is considered to be riskier than VMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSTLX	VMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	0.78%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	2.05%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	2.50%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.08%	4.68%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	4.68%	+0.31%

NSTLX vs. VMSIX - Expense Ratio Comparison

NSTLX has a 0.59% expense ratio, which is higher than VMSIX's 0.45% expense ratio.

Dividends

NSTLX vs. VMSIX - Dividend Comparison

NSTLX's dividend yield for the trailing twelve months is around 5.55%, more than VMSIX's 5.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSTLX Neuberger Berman Strategic Income Fund	5.55%	5.46%	5.31%	5.38%	3.92%	6.29%	3.81%	4.02%	4.33%	3.64%	3.54%	4.09%
VMSIX Vanguard Multi-Sector Income Bond Inv	5.44%	5.56%	6.37%	5.43%	3.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NSTLX and VMSIX in my portfolio?

NSTLX and VMSIX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSTLX or VMSIX?

NSTLX has higher volatility (1.26%) compared to VMSIX (0.78%). In terms of maximum drawdown, NSTLX dropped -19.00% vs VMSIX's -13.11%.

Which has better risk-adjusted returns?

VMSIX currently has the higher Sharpe Ratio (2.61 vs 1.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.